Old Leeds Road Huddersfield: Exit Agreement
A report noting the decision of the Chief Executive, through the exercise of his emergency powers, to authorise the Council to enter into an Exit Agreement with Tesco Stores Ltd and other Tesco group companies.
Officer: Adrian Lythgo: 01484 221000
Decision:
That the report be noted.
Minutes:
Cabinet received a report which set out the decision of the Chief Executive, through the use of emergency powers, to authorise that the Council enter into an exit agreement with Tesco Stores Ltd and other Tesco Group Companies following the decision by Tesco that it would not be proceeding with the new store development at Old Leeds Road.
The report advised, that following negotiations between the Council and Tesco, the Chief Executive had exercised emergency powers on 8 May 2015 for the Council to enter into an exit agreement to provide for (i) the parties to withdraw from the agreement for sale 2010, (ii) the Council to retain its land at Old Leeds Road, (iii) Tesco to transfer its land at Old Leeds Road to the Council and (iv) an appropriate settlement from Tesco to the Council.
It was noted that the Council, Tesco and other group companies had completed the exit agreement on 18 May 2015 and that consequently, the Council now owned the entire development site between Southgate, Leeds Road and Old Leeds Road.
RESOLVED - That the report be noted.
Cabinet gave consideration to exempt information at Agenda Item 19 (Minute number 43 refers) prior to making a determination on this matter.